Chipotle’s profit ravaged by hurricanes, hack and high avocado prices

Hurricanes Irma and Harvey took a giant bite out of Chipotle's revenue, and costs associated with an April malware attack ate into the company's profit.

Chipotle’s profit ravaged by hurricanes, hack and high avocado prices

Hurricanes Irma and Harvey took a giant bite out of Chipotle's revenue, and costs associated with an April malware attack ate into the company's profit.

(CNN Money) — Chipotle just can’t catch a break.

The burrito maker said sales rose by 17% and profit more than doubled in the third quarter. That’s the good news.

The bad news is that Hurricanes Irma and Harvey took a giant bite out of Chipotle’s revenue, and costs associated with an April malware attack ate into the company’s profit.

Though Chipotle found some cost savings in preparing lettuce and peppers in its restaurants, some of those cost reductions were offset by higher avocado and beef prices.

Its new queso dip, which Chipotle hoped would bring disgruntled customers back, has received largely negative reviews — on social media, customers found Chipotle’s version of queso to be a “crime against cheese.” Chipotle said it’s early days (it launched nationwide in September), but early queso signs are only somewhat positive for sales.

Adding to the disappointment, Chipotle said it would open 15 fewer stores than the company planned this quarter. To lure in new customers, Chipotle said it is considering changing the design of its restaurants.

Investors weren’t having it. Shares dipped by more than 9% after the bell on Tuesday.